Software Integrity

SEC warns on financial services cybersecurity risks

According to the US Securities and Exchanges Commission chair, cyber hacking is the biggest risk facing the world’s financial markets today.

US SEC Chair Mary Jo White made her comments Wednesday at a conference organized by the Reuters news service. She specifically cited the March 2016 theft of $81 million from the Bangladesh central bank. Last week investigators reported a bank in Vietnam was hit with a similar attack, with speculation the attack was also similar to the Sony Pictures data breach in 2014.

Speaking of attacks in the financial services space, White told Reuters, “What we found, as a general matter so far, is a lot of preparedness, a lot of awareness but also their policies and procedures are not tailored to their particular risks. As we go out there now, we are pointing that out.”